Kinetiq Launches Elysium L2 for Hyperliquid, Using HYPE as Gas

Kinetiq has launched Elysium, a new Layer 2 (L2) solution designed to enhance the Hyperliquid ecosystem. This upgrade aims to improve performance and throughput while leveraging HYPE as the gas token. The announcement was highlighted by CryptoTwitter commentator @WuBlockchain, indicating a significant step for Hyperliquid’s functionality and user engagement. With this development, traders can expect improved trading conditions and connectivity within the Hyperliquid framework.

What Went Down

The recent unveiling of Elysium is pivotal for Hyperliquid, as it aims to bolster operational efficiency and trading capabilities. Utilizing HYPE as its gas token, the L2 solution will focus on enhancing spot trading, PropAMMs, and perpetual contracts. The allocation of sequencer fees—50% for KNTQ buybacks, 25% for ecosystem builders, and 25% to the treasury—indicates a structured approach to sustainable growth within the Hyperliquid ecosystem. Amidst mixed signals in the broader crypto market, this development could attract more users and liquidity.

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